News International: No need for statutory regulation

"We are grateful to Lord Justice Leveson for his thorough and comprehensive report, and will be studying its recommendations and comments in detail.

As a company we are keen to play our full part, with others in our industry, in creating a new body that commands the confidence of the public.

We believe that this can be achieved without statutory regulation – and welcome the Prime Minister’s rejection of that proposal.

We accept that a new system should be independent, have a standards code, a means of resolving disputes, the power to demand prominent apologies and the ability to levy heavy fines.

We have spent 18 months reflecting upon these issues and are determined to move on as soon as possible with others in our sector to set up a new body that will ensure British journalism is both responsible and robust.